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| The '''[[eurozone crisis]]''' that started in 2010 arose from doubts about the ability of some eurozone governments to service their debts. .
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| The financial assistance given to those governments has failed restore the confidence of the markets, and bond market investors have become reluctant to buy the bonds being issued by some other eurozone governments. There are uncertainties about the willingness of the major eurozone governments to provide the further assistance that may be needed, and fears that there may be a breakup of the eurozone and a global financial crisis if they do not.
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| | | ==Footnotes== |
| ====Overview==== | | {{reflist|2}} |
| The crisis started early in 2010 with the revelation that, without external assistance, the Greek government would be forced to default on its debt. The assistance that was provided by other eurozone governments enabled the Greek government to continue to roll-over maturing debts until, in the latter half of 20ll, it became evident that a default could no longer be avoided. In the meantime, investors' fears of default had increased the cost of borrowing to other eurozone governments, making it necessary to provide financial assistance to the governments of both Ireland and Portugal. By September 2011, the international community had become aware of the danger that a Greek government default, and that its repercussions could administer a shock to the world economy comparable to the shock that triggered the Great Recession. Plans were initiated to provide the financial support needed to avoid a comparable malfunction of the global financial system. Substantial political obstacles would have to be overcome before such plans could be put into effect.
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| ====Background to the crisis====
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| In 1991, leaders of the 15 countries that then made up the European Union, set up a monetary union with a single currency. There were strict criteria for joining (including targets for inflation, interest rates and budget deficits), and other rules that were intended to preserve its members' fiscal sustainability were added later. No provision was made for the expulsion of countries that did not comply with its rules, nor for the voluntary departure of those who no longer wished to remain, but it was intended to impose financial penalties for breaches.
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| Greece joined, what by then was known as the eurozone, in 2001, Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009.
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| The current membership comprises Belgium, Germany¸ Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, The Netherlands, Austria, Portugal, Slovenia, Slovakia, and Finland. Bulgaria, Czech Republic.
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| The non-members of the eurozone among members of the European Union are Denmark, Estonia, Latvia, Lithuania, Hungary, Poland, Romania, Sweden and the United Kingdom.
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| ''[[Eurozone crisis|.... (read more)]]''
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| | In addition to the above text, this article comprises:<br> - a [[Eurozone crisis/Addendum#Crisis development by country|'''country-by-country summary''']] of the development of the crisis;<br> - [[Eurozone crisis/Timelines|'''links to contemporary reports''']] of the main events of the crisis;<br> - notes on [[Eurozone crisis/Tutorials#The debt trap|'''the debt trap''']], the eurozone's departures from [[Eurozone crisis/Tutorials#Departures from optimum currency area criteria| '''optimum currency area criteria''']], and on [[Eurozone crisis/Tutorials#The eurobond proposal|'''the eurobond proposal''']]; and,<br> - tabulations of the [[Eurozone crisis/Addendum#Fiscal characteristics|'''fiscal characteristics of the PIIGS countries''']] , and their [[Eurozone crisis/Addendum#GDP growth|'''GDP growth rates''']]
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After decades of failure to slow the rising global consumption of coal, oil and gas,[1] many countries have proceeded as of 2024 to reconsider nuclear power in order to lower the demand for fossil fuels.[2] Wind and solar power alone, without large-scale storage for these intermittent sources, are unlikely to meet the world's needs for reliable energy.[3][4][5] See Figures 1 and 2 on the magnitude of the world energy challenge.
Nuclear power plants that use nuclear reactors to create electricity could provide the abundant, zero-carbon, dispatchable[6] energy needed for a low-carbon future, but not by simply building more of what we already have. New innovative designs for nuclear reactors are needed to avoid the problems of the past.
(CC) Image: Geoff Russell Fig.1 Electricity consumption may soon double, mostly from coal-fired power plants in the developing world.
[7] Issues Confronting the Nuclear Industry
New reactor designers have sought to address issues that have prevented the acceptance of nuclear power, including safety, waste management, weapons proliferation, and cost. This article will summarize the questions that have been raised and the criteria that have been established for evaluating these designs. Answers to these questions will be provided by the designers of these reactors in the articles on their designs. Further debate will be provided in the Discussion and the Debate Guide pages of those articles.
- ↑ Global Energy Growth by Our World In Data
- ↑ Countries, organizations, and public figures that have reconsidered their stance on nuclear power are listed on the External Links tab of this article.
- ↑ Pumped storage is currently the most economical way to store electricity, but it requires a large reservoir on a nearby hill or in an abandoned mine. Li-ion battery systems at $500 per KWh are not practical for utility-scale storage. See Energy Storage for a summary of other alternatives.
- ↑ Utilities that include wind and solar power in their grid must have non-intermittent generating capacity (typically fossil fuels) to handle maximum demand for several days. They can save on fuel, but the cost of the plant is the same with or without intermittent sources.
- ↑ Mark Jacobson believes that long-distance transmission lines can provide an alternative to costly storage. See the bibliography for more on this proposal and the critique by Christopher Clack.
- ↑ "Load following" is the term used by utilities, and is important when there is a lot of wind and solar on the grid. Some reactors are not able to do this.
- ↑ Fig.1.3 in Devanney "Why Nuclear Power has been a Flop"
